• Net inflow on MATIC inflows multiplied five times over the past week, and the protocol’s revenue hit a new all-time high. 
  • DeFi and NFT projects are shifting from Ethereum to MATIC, contributing to higher revenue. 
  • The increasing gas price reduced the spam/ bot transactions on the network by nearly 50%. 
  • $480 million was bridged into Polygon over the past week, an increase of over 40%. 

Decentralized finance projects are moving from Ethereum to Polygon despite the rise in fees on the MATIC network. The on-chain activity on Polygon is rising steadily, with a spike in inflows on the bridge. 

Analysts expect MATIC to hit new all-time high

Polygon network’s native token MATIC ranks in the top 20 cryptocurrencies by market capitalization. Mihalo Bjelic, the co-founder of Polygon network, recently tweeted about MATIC’s success while being aligned with Ethereum. 

Net inflows on MATIC bridges have multiplied five times, hitting an all-time high. MATIC network has 4.4 million in daily transaction revenue, up 20% from last week. The total number of active users of the bridge has dropped to 18,666. 

There is a significant drop in the number of users on the Polygon network, and experts consider this a result of the rise in transaction fees on the network. There has been a 50% drop in the number of daily active users since the increase in fees.  

Over the past week, $480 million was bridged into the Polygon network. This marks a 40.25% increase over the past week. 

Interestingly, the $28 billion security token company Enegra Group has moved from Ethereum to the Polygon network. Partnerships have increased the utility of the MATIC token. 

Virtual gaming world Sandbox revealed their plans to migrate to the Polygon Network through a tweet.

FXStreet analysts have evaluated the MATIC price trend and noted that Polygon network’s native token is on track to hit a new all-time high at $3. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Watch out for Ethereum price as technical indicators point to dip below $1,000

Watch out for Ethereum price as technical indicators point to dip below $1,000

Ethereum (ETH) price is revealing a not-that bright picture for bulls this week, both from a technical perspective and because of ballooning tail risks. As bulls could not manage a close above a crucial technical hurdle, price action slipped further to the downside and moved away from the essential historic barrier. 

More Ethereum News

As NATO troops double, so do the bears' army in XRP

As NATO troops double, so do the bears' army in XRP

Ripple (XRP) price is returning with a hangover after a very short-lived party in which it rallied from $0.3043 to $0.3710, and booked 21% gains. Although bulls temporarily pushed the price above $0.3710, it turned out to be a false breakout, and eventually closed the day below, catching a lot of bulls in a bull trap in the process.

More Ripple News

Why you should approach Bitcoin price with caution

Why you should approach Bitcoin price with caution

A brief technical and on-chain analysis on Bitcoin price. Here, FXStreet's analysts evaluate where BTC could be heading next.

More Bitcoin News

Why this move from Shiba Inu price could catch investors off guard?

Why this move from Shiba Inu price could catch investors off guard?

Shiba Inu price prepares for a quick retracement after nearly a week of recovery bounce. While this run-up was impressive, things are likely going to go slow for SHIB as investors continue to book profits.

More Shiba Inu News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis